Citigroup is reportedly planning to create 100 new roles to support its new stride into the evolving digital assets space.
The new hires will be inside the bank’s institutional business, which is seeking to grow business on the back of rising demand amongst the clients for cryptocurrency-related services.
As a part of the developments, Citi has hired Puneet Singhvi as head of blockchain and digital assets at its global markets operation.
Singhvi will be responsible for reading the new team, Reuters reported citing a memo sent to the staffs.
The hiring, which will entail both internal as well as external recruitments, is expected to be conclude by the end of 2022, a Citi spokesperson told the news agency in an emailed response.
The new team, which will be based in Singapore, New York, London, and Tel Aviv, is anticipated to work on product development and project management.
They will also be responsible for defining the strategy to capture digital asset opportunities including new products, new clients and new investments.
Spokesperson told Reuters in the e-mail: “Prior to offering any products and services, we are studying these markets, as well as the evolving regulatory landscape and associated risks, in order to meet our own regulatory frameworks and supervisory expectations.”
Crypto moves by other banks
In October this year, US Bancorp launched cryptocurrency custody services for institutional investment managers with private funds in the US and Cayman Islands.
In September, Investment management company Invesco teamed up with upstart digital asset firm Galaxy to launch a range of funds backed by cryptocurrencies including bitcoin.
In April, CNBC reported that Goldman Sachs was planning to sign on new liquidity providers to expand its bitcoin offering to the wealthy clients of its private wealth management group.
The bank reportedly started offering a new bitcoin derivatives to investors in this May.
In March this year, it was reported that Morgan Stanley is set to offer bitcoin fund for its wealth management clients.